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Politics : View from the Center and Left

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To: Wharf Rat who wrote (213919)	1/5/2013 4:37:55 PM
From: Steve Lokness	Read Replies (2) of 541759

<<<<< Europe is staring at the wreckage of harsh austerity packages that have brought countries like Greece to their knees.>>>>>> Nooooooooooooooo! Harsh austerity DID NOT bring Greece to her knees. Spending too much and charging it to future Greeks not yet born brought Greece to her knees. It is insane to think that austerity packages that were forced onto Greece - because NO ONE would loan Greece any more money until the Greece enacted those austerity measures - is at fault. What the hell is the solution? To force people to loan to Greece? At a ridiculous interest rate? The insanity of this thinking which seems to be gaining a foothold in America is just bizarre. The idea we can spend more and more and more and never worry about paying it back has a downside. A disastrous downside! Everyone has read Keynes and it is likely the most over worked word in economics. But anyone who has read Keynes would know and understand that he would be going apoplectic thinking that the todays economics was designed after his ideas! We are NOT practicing keynesian economics! Do you think the bond holders of Greek debt should go home empty handed? What if it was you loaniong them money? Would you want to be paid back? Would you loan them more money if they didn't pay the last money they borrowed from you back? Do you think the SS trust fund should be paid back the trillions it loaned to our government? .......There are those here who have blinders on when it comes to debt. They seem to think it is a one way transaction whereby those that loan the money never see it again. Well guess what? When that happens people at first demand higher interest rates because they see they are taking a higher risk of ever getting paid back. That of course only makes things worse and they then start demanding austerity measures! Greece!!!

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